CPI and jobs data, not Jackson Hole, will determine the Fed’s course
Blackstone Mortgage Trust, Inc. (NYSE:BXMT) shares have reached a notable peak, hitting a 52-week high of $20.73. According to InvestingPro data, the stock has demonstrated strong momentum with a impressive 21% return over the past six months, though technical indicators suggest the stock may be in overbought territory. This milestone reflects a significant uptrend in the company’s stock value, marking a period of robust performance amidst a dynamic market environment. Over the past year, Blackstone Mortgage has witnessed a commendable growth, with its stock price soaring by 16.38%. The company, currently valued at $3.6 billion, offers an attractive 9.16% dividend yield and has maintained consistent dividend payments for 13 consecutive years. InvestingPro analysis indicates the stock is currently trading above its Fair Value, with additional insights available in the comprehensive Pro Research Report.
In other recent news, Blackstone Mortgage Trust has reported several significant developments. The company has secured additional term loans and issued senior secured notes, as detailed in a recent 8-K filing. Specifically, Blackstone Mortgage Trust has obtained $650 million in Term B-5 Loans maturing in December 2028, and completed a $450 million offering of 7.750% Senior Secured Notes due 2029. The proceeds from these financial maneuvers are intended for refinancing existing loans and general corporate purposes, including the repayment of secured debt.
Keefe, Bruyette & Woods has adjusted its outlook on Blackstone Mortgage Trust, increasing the price target from $18.50 to $19.50 while maintaining a Market Perform rating. Analysts at the firm noted increased originations and adjustments in CECL reserves as factors influencing this revised target. Additionally, Blackstone Mortgage Trust has announced the appointment of Marcin Urbaszek as Deputy Chief Financial Officer and Principal Accounting Officer, following the resignation of Thomas E. Dobrowski from the Board of Directors. The board has also approved a reduction in its size from nine to eight members.
These recent developments reflect Blackstone Mortgage Trust’s strategic financial management and changes in its executive team.
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